Vietnam’s H1/2012 GDP growth at 4.28pct

Vietnam’s GDP (gross domestic product), based on the comparison year of 1994, is estimated to have reached 270.115 trillion dong in the first six months of this year, growing 4.38 percent over the same period last year, General Statistical Office (GSO) reported in a press conference in Hanoi on June 29.

This figure is lower than the growth of 5.57 percent in the first six months of 2011 and 6.16 percent in the same period of 2010.

Basing on the current prices, the country’s GDP is estimated at 1,252,577 billion dong ($59.6 billion).

In economic sectors, service field posted the best growth in Jan-Jun with 5.57 percent on year and then agro-forestry and fisheries sectors with 2.81 percent on year and industry and construction with 3.81 percent on year.

Vietnam targets 6 percent GDP growth this year, higher than an expansion of 5.9 percent in 2011.

The GSO also said the biggest weighed sector in the country’s GDP growth was industrial production and construction, accounting for 40.26 percent and followed by the services sector with 37.61 percent and agro  – forestry- aquaculture sector at 22.13%.

In Q2/2012 alone, the country’s GDP growth was 4.66 percent on year, higher than the growth of 4 percent in the previous quarter and higher than the forecast of 4.5 percent given previously.

According to GSO, the country’s economic growth in the first half of 2012 reached low level due to difficulties in production and business and product consumption of many sectors. Industrial production accounts for large proportion but its growth was inadequate.

However, from Q2/2012, the country’s economy has seen positive changes, especially in industry and construction sectors. The added value of these sectors in Q1 this year increased only 2.94 percent from the same period last year and in Q2/2012, the growth was 4.52 percent on year, of which, industry sector increased from 4.03 percent to 5.4%.

Earlier, some provinces and cities publicised GDP growth in Jan-Jun, of which, Hanoi reached economic growth at 7.6%, HCM City at 8.1%, Da Nang at 10.2%, Binh Duong at 10 percent and Can Tho at 8.63%.

The GSO’s report also showed that the country’s Index of Industrial Production (IIP) in June rose 8.0 percent from a year earlier, accelerating from an increase of 6.8 percent in May, and its retail sales in H1/2012 rose 19.5 percent from a year earlier.

 

Category: Economy